Good afternoon, and thank you for standing by. Welcome to Flex's first quarter fiscal 2024 earnings conference call. Currently, all participants are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question, please press star one on your telephone. If you would like to withdraw your question, please press star two. As a reminder, this call is being recorded. I will now turn the call over to Mr. David Rubin. You may begin. Thank you, Jenny. Good afternoon, and welcome to Flex's first quarter fiscal 2024 earnings conference call. With me today is our Chief Executive Officer, Revathi Advaithi, and our Chief Financial Officer, Paul Lundstrom. Both will give brief remarks followed by Q&A. Slides for today's call, as well as a copy of the earnings press release and summary financials are available on the investor relations section at flex.com. This call is being recorded and will be available for replay on our corporate website. As a reminder, today's call contains forward-looking statements which are based on our current expectations and assumptions. These statements involve risks and uncertainties that could cause our actual results to differ materially. For a full discussion of these risks and uncertainties, please see the cautionary statements in our presentation, press release, or in the Risk Factors section in our most recent filings with the SEC. Note this information is subject to change, and we undertake no obligation to update these forward-looking statements. Lastly, please note, unless otherwise stated, all results provided will be non-GAAP measures, and all growth metrics will be on a year-over-year basis. The full non-GAAP to GAAP reconciliations can be found in the appendix slides of today's presentation, as well as the summary financials posted again on our investor relations website. Now, I'd like to turn the call over to our Chief Executive Officer, Revathi. Thank you, David. Good afternoon, thank you for joining us today. As we move into our new fiscal year, we continue to make progress in our long-term strategy and deliver consistent results. Starting with our fiscal Q1 results on slide four, overall, it is another solid quarter. Revenue came in at $7.3 billion, which is flat with last year's exceptionally strong Q1. Adjusted operating margin came in at 5.1%, we delivered $0.57 of adjusted EPS. On July third, we completed a follow-on offering for Nextracker. We still own about 51% of the company, but this marks yet another significant step forward. Turning to slide five. Looking at core Flex fundamentals, we continue to navigate the dynamic macro environment with trends in the current quarter, relatively in line with our expectations. Consumer-facing markets remain soft from several factors, including higher interest rates and lingering post-COVID spending normalization in a few areas. As we indicated last quarter, we also experienced some slowing in enterprise IT, but so far it is performing to our prior expectations, and we continue to monitor demand indicators. On the other hand, we also faced a difficult comp this year in CEC after it grew 30% last year. However, we continue to see strength in most of our secular-driven markets, and that's one of the benefits of having our well-diversified portfolio. There's a lot of hype around AI right now. Maybe I can help separate a little fact from fiction, at least for what it means to us. We all know that the compute and power requirements of generative AI are highly intensive. This has led to changing technical requirements in the data center. From a manufacturing perspective, these changing needs are creating new opportunities. I should say, however, this has been the trend for a little while now, and it's already driving some of our business. In CEC, we've talked about share gains driven by our bespoke cloud offering based on our unique design, vertically integrated manufacturing, and value-added fulfillment solutions. That is what helped drive triple-digit growth in our cloud business last year. These same capabilities have led to additional wins, including one ramping in the back half of this year. With our expertise in power, we have developed a new power module solution, which, for example, is suited to the needs of the more intensive GPU-based computing, and we are seeing strong customer adoption here. Of course, changes in the cloud core design means changes to critical power configurations, and that's what's driving additional conversions. It's safe to say cloud technical needs will change as applications evolve over time. We have a highly adaptable platform operating at scale, we continue to be well-positioned to capture these opportunities. Switching gears a little bit, healthcare trends remain intact. Elective procedure demand is strong and hospital CapEx is steady. We're experiencing some slowing in medical equipment related to life sciences, this appears largely a result of normalization after an extended period of exceptionally strong demand for testing products from the pandemic. Looking at the automotive space, our EV and ADAS customer demand remains strong. Technology transitions are driven by important long-term trends, we have built a business based on customer and geographic diversity. As our automotive business makes its way towards $4 billion in revenue, we're adding value on multiple levels to drive deeper and higher valued engagements. Our next-gen mobility bookings continue to grow. That's building on our momentum from record bookings from the last fiscal year. All of this comes from our proven design and engineering capabilities, our multi-discipline technology expertise, and decades of experience with the unique demands of the automotive industry. Another important secular trend from which we're all benefiting is the global renewable energy transition. We're currently ramping both microinverter and EV fast charger production in the U.S., and these are just two examples of how well we are positioned to help enable the global shift to renewable energy. Last year, our renewables-related hardware revenue was just over $1.2 billion within our $6.5 billion Industrial business unit. We expect renewables to grow again this year, with improving long-term prospects as the rules and benefits of the IRA are finalized and fully understood. Again, having a diversified portfolio from a product, customer, and geographic perspective is an important attribute to managing through the cycles and delivering consistent results over time. We continue to believe the fundamentals of outsourced manufacturing are strong. We remain very optimistic about our future. Our focus on providing a wide range of manufacturing capabilities and services where our customers need them across the globe is our competitive advantage. By leveraging our core capabilities and capitalizing on the long-term secular growth drivers, we will continue to drive value creation in the years to come. With that, I'll turn it over to Paul to take you through our financials. Okay, thank you, Revathi. I'll begin with our first quarter performance on slide 7. First quarter revenue was $7.3 billion, flat year-over-year, against a difficult comp and with some macro-related slowing. Revenue is down 2% sequentially, which is in line with typical seasonality. Gross profit totaled $614 million, and gross margin came in at 8.4%. Operating profit was $377 million, with operating margins at 5.1%, improving 60 basis points year-over-year. Earnings per share came in at $0.57 for the quarter. That was up 6% and includes $0.06 of headwind from Nextracker non-controlling interest. Turning to our first quarter segment results on the next slide, reliability revenue increased 11% to $3.3 billion. The growth was driven by continued momentum with strong secular trends such as next-gen mobility, renewables, and cloud/critical power. Operating income was $165 million, up 12%. Operating margin for the segment improved sequentially to 5% as production volumes increased on ramping programs and as we navigated labor inflation and lingering semiconductor disruptions. In Agility, revenue was $3.6 billion, down 10% as expected, due to a combination of tough comps, continued weakness in consumer end markets, and some softness in parts of enterprise IT. Operating income was $146 million, down 14%. Focused execution and strong cost management helped maintain operating margins at 4.1%. Finally, Nextracker revenue came in at $480 million, up 21% year-over-year. Operating income at Nextracker was $82 million, more than double what it was last year, delivering a solid 17.2% operating margin. Moving to cash flow on slide nine, inventory improvements continued into Q1, with total net inventory decreasing slightly in the quarter. We're seeing signs of recovery. We continue to expect inventory will be slow to unwind. Q1 net CapEx totaled $156 million, on target at 2% of revenue. We expect similar total investment levels for the full fiscal 2024, as we continue to invest in future growth, as well as technologies such as advanced automation and machine learning solutions. These investments are important to drive continued optimization and agility with increasingly complex products and changing labor markets. Free cash flow was an outflow of $150 million, driven by the timing of our business, along with reductions in working capital advances and increased investments in CapEx. As previously indicated, we expect cash to be back half weighted to progressively improve through fiscal 2024, and we continue to expect free cash flow to be $600 million or more. In line with our capital allocation priorities, we bought back $197 million worth of stock in the quarter. On that note, I'll quickly remind everyone that the Nextracker follow-on offering closed on July 3, after our quarter end. While we received net proceeds of $495 million, it was not included in our final cash balance for this quarter. Although we continue to maintain a strong cash position, and as I mentioned last quarter, we have no intention of carrying this level of cash indefinitely. As we have consistently demonstrated over the last several years, we have and will continue to allocate capital in the best interest of our shareholders. Please turn to slide 10 for our segment outlook for the fiscal second quarter. For Reliability Solutions, we expect flat to up mid-single-digit revenue growth for this segment and continued growth in our end markets, albeit at a more moderate pace. Revenue and Agility is expected to be down mid-single to low-double digits, with weakness in the consumer end markets affecting both Lifestyle and Consumer Devices. CEC will be impacted by comms, infrastructure, and enterprise IT spending adjustments ahead of our planned cloud ramps in the back half of the year. Far, the deceleration is consistent with our projections. On to slide 11 for our quarterly guidance. We expect revenue in the range of $7.3 billion-$7.7 billion, with adjusted operating income between $370 million and $400 million. Interest and other is estimated to be around $52 million. We expect the tax rate to be around 13% for the quarter, and all that translate to adjusted EPS between $0.55 and $0.60, based on approximately 453 million weighted average shares outstanding. This guidance includes the impact of approximately $0.06-$0.07 of non-controlling interest expense resulting from the Nextracker IPO. Looking at our full year guidance on the following slide, we currently expect full year revenue between $30.5 billion and $31.5 billion, with adjusted operating margin now between 5% and 5.2%, and adjusted EPS between $2.35 and $2.55 a share. This includes the impact of approximately $0.23-$0.26 in non-controlling interest expense, which is up $0.06-$0.07 from our prior guidance, resulting from the Nextracker follow-on offering and our ownership going from 61% to 51%. Before we begin Q&A, I'd like to emphasize our conviction in our strategy and our portfolio. While the world faces continued macro and geopolitical uncertainty, our well-rounded and diversified portfolio and customer base significantly mitigates exposure. The inherent strength of our business gives us confidence. We continue to see solid momentum in the underlying drivers of our business. With that, I'll turn it back to Jenny to begin Q&A. Thank you. We will now begin the question-and-answer portion of today's call. If you would like to ask a question, please press star one on your phone. As a reminder, we ask that you please limit yourself to one question and one follow-up question. One moment, please, for the first question. The first question is from Mark Delaney from Goldman Sachs. Please ask your question. Margins reached the highest level in many years, at 5.1%. Nextracker, of course, is an important factor in that, given the strength that you reported there. I think you also saw some sequential improvement in reliability. Maybe you can help us understand a bit better how you think about margins by segment as the year progresses. I think pretty steady at these sorts of levels implied in guidance, but any puts and takes we should be considering by segment, as it relates to margins. Yeah, Mark. First, I'm glad you asked the question. Margins were much better sequentially, and we were very happy to see that. Maybe just kind of take you through the different segments. First of all, Nextracker, as you know, you look back a year ago, Q1 margins for Nextracker were their trough margins for that year as they were still coming out of that all that repricing of backlog and getting through the logistics and steel challenges that they had a couple of years back. They're lapping an easy comp, but I'll also say really strong execution from the Nextracker team in the quarter at north of 17% margins. That was really good to see. You look at the other two segments sequentially, Agility, really good. You know, Volume was down a little bit, but if you look at where volume came down within Agility, part of that was double-digit declines in the Lifestyle business. As I think everyone knows, that tends to be the richer margin business unit within Agility. If I look at their decrementals on lower volume, I think they did a fantastic job managing that. Thrilled to see that. If you look at Reliability, the Reliability story over the last, you know, 6 to 9 months has been doing what we can to accelerate a number of very important next-gen programs. You saw 4% margins in Q3 and Q4 of last year, a huge improvement in Reliability as we moved here into Q1. On $51 million of incremental sales, profit dropped through at 45%, which is very strong incremental margins. I can't say enough about the execution of that team this quarter. Very happy to see it. That's helpful context. Thinking about the higher level opportunities that you spoke to, you mentioned some of the secular changes underway in areas such as electrification and AI. You, when you look at, what Flex may need in order to properly address those opportunities over the next several years, how are you thinking about the company's capabilities? Would you consider using some of the cash on hand for M&A and, you know, maybe, you know, acquisitions, you know, akin to what you did with Anord Mardix and adding even some product, type capabilities? Thanks. Yeah. Mark, what I'd say is both electrification and AI, as it relates to both, you know, cloud and CEC and our power business, are both important to us. You know, we have been investing in our electrification and our EV business and automotive for a while, and you have seen the results of it in the bookings that came in last year and how we are continuing to perform with the overall growth of that business this year. We feel really good in our investments there. We've made design investments that creates a platform opportunity for EV customers to use when they want to use our platform, so we can, you know, do that as a full design house, or we can do that as a joint manufacturing with them if they want to give us their own design for us to contract manufacture. Electrification as a whole, we feel really good about our position there. You know, will there be opportunities for tuck-in acquisitions? I would say there always is. You know, at this time, our focus on the use of cash is really around buybacks, but we always look for nice technology add-ins if it's possible. Then we would love if it came in as the returns that Anord did for us. But we don't have significant gaps for our electrification automotive portfolio to do really well, we feel good about that. I'd say on AI, you know, the from the CEC perspective, the most important thing that customers are expecting from us, and we have a big platform ramp that's happening in the second half of this year for a for a cloud customer, that is around this particular issue, is that, you know, you have to be able to scale fast. You have to have very complex, fully vertically integrated capability, and that's what customers are looking for from the CEC side, and that Flex is very good at doing. From the power side, we have developed, you know, on our embedded power products that's in the Industrial business, product that is very specific for GPU power needs, and those products are already launched with one customer, and we're looking to launch that with other customers that we have very strong growth potential. I don't see a lot of acquisition needs there, but I'd say yes. I mean, from a technology perspective, if there's any plugin capability for both of these areas, we'll look at it. At this point, we do think our best use of cash will be in buybacks. Thank you. Thank you. Your next question is from Ruplu Bhattacharya from Bank of America. Please ask your question. Hi, thanks for taking my questions. First one on margins. Compared to your guidance for 1Q, I mean, margins came in much better, especially in Reliability, and looks like you're taking up the full year by 10 basis points to to 5.1%. The, you know, the EPS guidance range remains the same. Is that all because of the higher non-controlling interest from Nextracker? On the Agility side, on maybe $100 million lower revenues, your margins declined sequentially, like 400-500 basis points, sorry, 40-50 basis points. Can you do we think that that will sustain at a lower level throughout the year because you're guiding Lifestyle and Consumer Devices to be weaker? Yeah. Good questions, Ruplu, appreciate it. First of all, just on your NCI comment and EPS, you're right, we took up the margin rate. Things looked really good in Q1. Like you said, it was an across-the-board beat. We did better in Agility, Reliability, and Nextracker in terms of margin performance. That was very nice to see, and you heard my comments to Mark, just on the sequentials. The NCI answer: absolutely. You're thinking about the right way. As you know, our stake went from 61% down to 51%, there's a little bit more minority interest headwind or NCI headwind, and we called that out on the prepared mark. That's. You're right, that's how to think about it. In terms of Agility decrementals, here's what I would say. Sequentially for Agility, they had soft revenue. It was for the things that we had sort of been telegraphing to everyone over the last couple of quarters, softer consumer end markets. On 10% lower revenue, their decremental margins were only about 17%, which is pretty good, considering where we're seeing the volume declines. It's in the Lifestyle segment and in Consumer Devices. Lifestyle, of the three business units within Agility, that tends to be the better margin business. When you have top-line pressure, it does convert. That said, really strong execution by the team to sorta mitigate the softer volume. It was things like cost reduction and pulling all the levers we need to pull to continue to have strong margins. I was thrilled to see margins still north of 4%, in the quarter, despite the lower volumes. Yeah, you know, at a time like this, when there's so much instability in terms of how end markets are moving, it's really good to see margin performance like this. We've always talked about how Agility performs in a down market, this is fantastic to see how well they're performing from a margin standpoint in a time like this. We feel good about the year. We're still in the first quarter, our fiscal Q1. So, you know, it's a good time to hold the hold full year, the way we think it is. I think it's a prudent thing to do, but feel good overall in terms of where margins have come in. Okay, thanks for the details there. Let me ask you a follow-on question on ROIC, return on invested capital. What do you target, what's your target range for that metric? Looks like over the last couple of quarters, it's been trending in the 20%, like low 20%, including goodwill. And how do you see that trending over the next couple of quarters or years? I mean, what are some of the things that you can do to potentially improve that? Thanks. Yeah, we target north of 20%, you know, ROIC is one of those funny things, right? If you target 40%, you're leaving, you know, investments on the table that could be accretive to our overall investors. You know, I would rather not hard peg a number, but rather just say, you know, our job is to, you know, maintain solid ROIC so that all of our investors benefit. That would be, you know, certainly north of 20%. Okay. Thank you for all the details. Appreciate it. Thanks, Ruplu. Appreciate it. Thank you. The next one is from Samik Chatterjee from JP Morgan. Please ask your question. Hi. Thanks for letting me ask a couple of questions on the call. I guess if I can start with one, really on the revenue side here in certain end markets that you are seeing a bit more headwind like Consumer Devices. I know you said, they're tracking largely in line with what you expect, even on the enterprise side, if I look at sort of relative to where consensus was, it looks like you're sort of expecting a more back-end loaded year than where consensus was. I'm just curious, like, when you think about a bit more of a back-end loaded year, is that really driven by the visibility you have in maybe the engagement with the cloud/critical power customer that you talked about? Are there any other sort of segments you would call out where there's a bit more activity in the back half that we have maybe consensus isn't appreciating in relation to how you get to that full year number? I have a follow-up. Thank you. Yeah, Samik, I'll start, and then Paul will probably have something to add. First is I think it's pretty usual for us to have second half revenue be higher than the first half, so that's pretty common for us. You know, fiscal 2023 was definitely an unusual year, right? It was very strong, first half. There's the, you know, comps improve in the back half of the year. I would say that, if you look at fiscal 2022, second half was up 7% over the first half, and, you know, so we've had similar trends before that you see, and so we expect more normalization, I would say, this year than what we saw last year. If you look at the second half, what I feel really good about is what's driving the volume increase for us is our expectation in some new bookings that we have in cloud and power that will drive the second half acceleration. Reliability already has a strong first half, will have a strong second half. You know, and also we don't anticipate much improvement in the consumer markets, and so we'll lap some difficult comms. I'd say overall, you know, it makes sense for us to think the year will pan out the way we have. Plus, we're trying to forecast in a very, you know, dynamic macro environment. We're usually very prudent in our end market forecasts and have been fairly accurate in the last 5 years in terms... even with such a dynamic environment. Lastly, I would say, you know, very importantly, is that volumes move around, but we're also very confident in our EPS targets. I don't know, Paul, if you'll add anything to that. No, that's clear. I would just say, welcome, Samik. Nice to hear from you. Yep. No, thank you. Maybe just for my follow-up, you talked about the opportunity with these cloud customers on AI-related engagements. I'm more curious if you see an opportunity to maybe take the margin profile a bit higher on these AI engagements related to the sort of traditional run rate business that you have with them. How does the competitive landscape look? What do you even what are the sort of decision-making points for that you're putting up with them? Is there an opportunity to sort of get a premium in some relation to drive a higher margin mix on that? Thank you. Yeah, I'd say, Samik, what Flex has done consistently over the last 5 years in almost all end markets that we participate in, is really focused on working with customers where we can provide right solutions that move our margin profile up. You've seen that play out in the last 5 years. With AI, like I said, in my comments in the beginning, what's really important is how quickly can you scale? Are you capable of handling complex products? We're talking scale, we're talking about significant scale in a short amount of time. Are you capable of complexity of, you know, of products like this? Can you brainstorm with the customer in terms of making improvements to their product? Because a lot of it is new product going into the market. From the CEC side, those are the main things that customers are looking for: is a partner who will be very consistent, has high technology capability, and we do command a price premium for those kinds of things. That definitely helps in terms of our overall mix and margin. Then on the embedded power side, on the industrial side, those are the designs that we own. We command a premium on those products. There's not many suppliers out there who are capable of developing that, and we're with some very premier customers already with our products that we've been qualifying for the last year, and those will come in at a very significant premium to our base products. I would say yes. I mean, we have shown consistently that we participate in end markets only if we like the margin profile. We don't go for the next shiny bicycle. I would say AI would be the same thing, and we feel quite confident that it'll meet the margin profiles we're looking for. No bicycles. Got it. No bicycles. Thank you. Thanks for the responses. Thank you. Your next question is from Matt Sheerin, from Stifel. Please ask your question. Yes, thanks, good afternoon. Question, Paul, on your comments around inventory, which continues to be fairly bloated, revenue, I mean, on a dollar basis, certainly, and a days basis. You talked about that unwind being relatively slow. Is that because there's still some hard-to-get parts and still elevated lead times? Are customers, you know, asking you to keep inventory on hand? How do we think about this playing out over the next few quarters?? I mean, I don't love the word bloated, but inventory will be gradual to unwind. I think we've been carrying levels of inventory that we've needed to just support, you know, to support our end customers. In many cases, you look back, you know, 18 months ago, our customers wanted to carry more buffer stock, you know, and with the plan that that be sort of short term. I think short term sort of blended into medium term. Expectation continues, that inventory will unwind. You know, if you look at sort of the dynamics of free cash flow, as you know, we've had significant support over the last year or two from working capital advances. That's customers basically giving us cash to carry those higher inventory levels. What's gonna happen here over the next several quarters is you'll see inventory levels gradually come down. You'll also see working capital advance levels gradually come down. Those two opposite sides of the balance sheet items will slowly start to pull back. What I think will happen is, because we're carrying more inventory than we are advances, over time, you'll see cash flow improve. As I look to the full year, no change on our cash outlook. You know, we still feel, you know, confident in the $600 million plus of free cash generation. No change there. I would say everything is, at least at the moment, we're kind of surprise-free. I got it. Okay, thanks for that. Then, just as my follow-up, just regarding Nextracker and the remaining 51% stake that you have in that, what should we think about the exit strategy and how that plays out? Matt, we've been very consistent in what we've said about Nextracker. We have followed through. You know, you can see that with, you know, the last event that took place with our follow-on. I would say, you know, we've always said Nextracker will do better as a standalone company, and we'll continue to execute in that direction. No change on that. Okay. Thank you. Thanks, Matt. Thank you once again, ladies and gentlemen, that is door one should you wish to ask any questions. Your next question is from Steven Fox, from Fox Advisors. Please ask your question. Hi. Hi, good afternoon. Two questions, if I could. First of all, Paul, you mentioned the 45% incremental margins on the reliability business. Can you break that down a little bit further? Give us what's normal versus maybe what was a little more episodic. Then I had a follow-up. Sure. I mean, here's the quick math. Sales were up 51%, profit was up... Excuse me, 51%, I wish. Sales were up $51 million, operating profit was up $23 million. That's the 45% drop through that I referred to. Q3 and Q4 were tough. We made a lot of investments in that reliability business as we were preparing to accelerate a number of these next generation program ramps. That meant we had some stranded resources, we had some stranded labor, you know, we were hiring, you know, sort of ahead of the curve. As volume comes and all those resources become fully utilized, it just has a huge effect on your incrementals. I think that was a lot of it. I would say it was essentially across the board. You know, we're ramping in the Industrial business for a number of reliability, renewable energy programs. We got a bunch of stuff going on in automotive right now. They did much better sequentially as well. The health solutions business was up, you know, quarter-over-quarter. I would say across the board, business by business, strong performance and much better than what we saw in the back half of last year. Great, that's helpful. Just during the CapEx commentary, you mentioned investments. I assume this is internal investments in automation and AI or machine learning. Can you just talk about how you're making decisions on where to invest there? Are those customer sponsored, or are those things that are just meant to generally expand your capabilities? How do we think about what kind of return you get on those investments? Thank you. Yeah, I would say it's a mix of both. You know, we're definitely making investments in factory automation and machine learning related to improving our factory automation or our planning processes or things like that. Definitely making investments on that. I think, you know, whether you think about, you know, kind of improving your quality inspection capability as an example, right? That helps a customer improve their overall quality performance, but also helps Flex from a productivity standpoint. You know, there are many examples like that where you will use to deploy a machine vision capability that can self-learn and correct itself with time. These kinds of things would either be, you know, funded by us or funded by the customer to drive productivity and better quality performance. I'd say some of the investments are for us, some of the investments are customer-driven, but, also from a product design perspective, those mainly come in our power business. That's in Industrial, that's more for the generative AI space, but most of it is for kind of factory automation, I would say, deployments is what we're driving. Our belief is that it drives productivity for the business. Great. That's very helpful. Thank you. Thanks, Steven. Your last question is from Shannon Cross, from Credit Suisse. Please ask your question. Thank you very much. Revathi, I was wondering if you could talk about within industrial, you know, I saw you recently announced the opening of the facility with Enphase in Columbia, South Carolina. You know, and that was pointed to as in terms of being at least somewhat funded or supported by the IRA. I'm just wondering how you're thinking about some of this government stimulus money that's coming through, and how we'll see it, you know, sort of manifest itself within Flex's results over the next couple of years. I have a follow-up. Thanks. Yeah, I would say from a, you know, IRA perspective that looks at driving growth in the U.S. for renewables energy, for us, the biggest impact, Shannon, will be growth that is funded by our customers, that is mainly focused on U.S. manufacturing. Enphase is a classic example of that, you know, we're quickly seeing customers pivot to U.S. manufacturing capability to take advantage of things like IRA. I would say from a margin standpoint, how that helps in the long run and how those incentives really play out, I think there's still work to be done there. The view is that there's a growth opportunity for our customers and us, that we all should be really taking advantage of, and Enphase and other customers in the inverter space that we're ramping up for, all fit into that environment. We do see overall growth in our U.S. manufacturing as it results to IRA or infrastructure, and you've seen several announcements related to that. Great. Paul, maybe if we could talk a little bit about, you know, cash balance, share repurchase timing. You know, you bought back $197 million of stock last quarter. How should we think about the pace of share repurchase? How are you thinking about that? You know, and what do you think your sort of cash balance is that you need to run the business? I understand free cash flow is more back-end loaded this year, but I think you had some excess cash coming into, you know, the Nextracker sale, and then obviously, you've got those proceeds, and then you're going to generate cash. Just wondering how you're thinking about it in terms of return to shareholders. Thank you. Yeah. We were pleased to be able to step up repo in the first quarter compared to what we did in Q4. Q4 was sort of challenged because of the, you know, we're locked up because of Nextracker and really couldn't trade. Getting $200 million or so, you know, done in the first quarter, by the way, at an average price in, you know, the 22 something or other, 22 plus, really happy with that. That's great for shareholders. Just looking at our valuation, you kind of do the sum of the parts giving full credit for Nextracker, it does seem that, you know, core Flex is undervalued relative to EMS, as long as we see disconnects like that, you know, we think it makes sense to be in the market. You know, not gonna give, like, a hard peg number on what specifically we're gonna do here in Q2, but I will say we're gonna continue to be in the market. You ask a good question, Shannon, on cash and what's sort of necessary. I would say if you looked several years ago, the peak-to-trough cash use would say, you know, maybe you need $1.5 billion. That's probably up a little bit, you know, over the last few years, given things like, you know, inventory and just other challenging supply chain situations. If you think about where we ended Q1, which excludes $500 million from the follow-on, so take $2.6 billion, $2.7 billion plus another, you know, $500 million, you know, we're well north of $3 billion. We have excess cash, and as Revathi pointed out, I don't know, maybe 20 minutes ago, our number one priority is share repo right now. We think it's accretive to the investors and makes good sense as a capital allocation option. Great. Thank you. Thanks, Shannon. Thank you. No more questions at this time. Please continue, sir. Okay. Thank you, and on behalf of the entire Flex leadership team, I want to give you a sincere thank you to all our customers for their trust and partnership, and of course, to our shareholders for your continued support. I want to thank our Flex team across the globe for their hard work and dedication. Thank you, everyone. Thank you. Ladies and gentlemen, this concludes today's conference call.